Northern Minerals Limited (ASX: NTU) shares are up more than 11% after the company said it had been granted a new mining lease over its Browns Range Project.
The company said the new mining lease more than doubles the area covered by the previous lease over the project in Western Australia's Kimberley region and includes priority targets for near-term exploration.
Browns Range, in the East Kimberley region of Western Australia, is a globally significant source of the heavy rare earths dysprosium and terbium, which are essential in the manufacture of high-performance permanent magnets used for the propulsion of electric vehicles, wind turbines and specialist defence applications. On 15 September 2025, Northern Minerals released its Definitive Feasibility Study (DFS) for the proposed development of the Browns Range project. This expanded mining lease will further support development of the Browns Range project as outlined in the DFS.
The DFS said the company's Wolverine deposit was one of the highest-grade deposits of its type outside of China and was large enough to produce about 8% of global supply.
Production still a few years off
The company is targeting first production in 2028, when it says there will be a forecast global shortfall of the minerals, and says the project will have a 12-year mine life.
Northern Minerals said this week that the mine will cost $592 million to bring into production and would deliver average annual earnings before interest, tax, depreciation and amortisation of $175 million.
The company has and continues to receive strong interest from government agencies in Australia and other countries keen to establish new and sustainable rare earth supply chains.
Northern Minerals shares were 11.4% higher at 3.9 cents on Wednesday.
